Question to the HM Treasury:

To ask His Majesty's Government what plans they have to change the remit of the National Wealth Fund to include defence investment.

The Government published the National Wealth Fund’s new Statement of Strategic Priorities on 19 March. It directs the National Wealth Fund to consider the role it can play in delivery of the wider Industrial Strategy, including in the defence sector.

The National Wealth Fund will also consider investments in dual-use technologies across its priority sectors of clean energy, digital and technologies, advanced manufacturing and transport, to better support the UK’s defence and security.

The National Wealth Fund retains the flexibility to invest where financing gaps emerge to ensure it can respond swiftly to emerging Government priorities.